SpaceX is drawing market attention over the possibility of an IPO this year after reports it confidentially submitted an S-1 registration statement for an initial public offering to the U.S. Securities and Exchange Commission (SEC).

On April 3, blockchain outlet Cryptopolitan, citing a Bloomberg report, said SpaceX is targeting a mid-2026 listing and aiming for a valuation of at least $1.75 trillion.

The market is also discussing the possibility of raising more than $75 billion through the IPO. That would be large enough to surpass the record set by Saudi Aramco's IPO in 2019. Cryptopolitan said that in the U.S. IPO market, only 2 years in the past decade raised more money than that, and it analysed the offering could be a major event affecting overall capital flows.

A key issue in the listing is a change in how the market values SpaceX. It is being reappraised as a communications and infrastructure company rather than simply a rocket company. Satellite internet service Starlink has secured about 9.2 million subscribers in more than 70 countries and is expanding beyond home broadband into government contracts and aviation services. The outlet pointed out that a valuation above $1 trillion can no longer be explained as a rocket company.

Financial metrics were also presented positively. Morningstar data estimate SpaceX posted about $16 billion in revenue last year and EBITDA of about $7.5 billion. Starlink alone was reported to have generated more than $10 billion in revenue and more than $8 billion in profit. As an unlisted company, however, its actual financial condition will need to be confirmed after the S-1 is made public, a factor cited as key to investment decisions.

An xAI acquisition was also cited as a factor that could bolster the investment story. The analysis said that combining the large language model Grok with Starlink hardware could expand SpaceX's business model from a launch-services focus to "cloud and AI infrastructure."

Investor sentiment is split. In a survey conducted by Cryptopolitan in March, 31.1 percent showed an intention to "buy immediately" and 26.4 percent chose to "enter after the hype dies down," putting 57.5 percent in a positive camp. Another 23.6 percent opposed it, citing the high valuation. The outlet said SpaceX could be valued at about 113 times 2025 revenue and noted, "At this kind of multiple, there is almost no room for mistakes."

Future points to watch include discussion of allocating about 30 percent of the offering to retail investors along with the S-1 disclosure. The financial burden of xAI is also a variable. Some reports said xAI still has negative cash flow, meaning investors may have to bear not only Starlink-related risks but also AI business risks.

Whether it is included in the S&P 500 is also of interest. An analysis said passive inflows could be limited until index inclusion because the timing for meeting the requirement of profit for 4 consecutive quarters is uncertain.

The market sees the SpaceX IPO as a test case not just of a listing, but of whether a mega-platform company spanning space, communications and AI infrastructure will emerge.